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Belgium August trade deficit narrows


BELGIUM: Belgium’s merchandise trade deficit for August narrowed from a year ago with exports growth exceeding the rise in imports, preliminary data from the National Bank of Belgium showed Monday. The trade deficit decreased to EUR 2.3 billion from EUR 2.6 billion in the same month last year. Exports grew 3.3 percent year-on-year and imports rose 1.6 percent. In July, ... Read More »

Belgium midstream oil and gas market forecast to 2022


  BRUSSELS: The Latest Research Report Belgium Midstream Oil and Gas Industry Outlook to 2022 – Market Forecasts for Liquefied Natural Gas (LNG), Oil Storage, Pipelines and Underground Gas Storage provides information on pricing, market analysis, shares, forecast, and company profiles for key industry participants. “Belgium Midstream Oil and Gas Industry Outlook to 2022 – Market Forecasts for Liquefied Natural ... Read More »

Jordan, Belgium to establish joint business council


  AMMAN: President of Jordan Businessmen Association (JBA), Hamdi Tabbaa, said Tuesday establishing a Joint Jordanian-Belgian Business Council in the near future will open new horizons for economic cooperation between the two countries. In a meeting with Belgium Ambassador to Jordan Hendrik van de Velde, Tabaa highlighted investment projects and advantages in the Kingdom, calling for benefiting from Belgian expertise, ... Read More »

Belgian ports batten down the hatches for Brexit trade shock


  BRUSSELS: Gridlock at the border, vast motorway car parks and jobs lost: British ports have been vocal about the risks of a hard Brexit. In case Conservative MPs missed the message, the Port of Dover advertised at the party conference, warning that an extra two minutes on lorry inspections could lead to queues of 17 miles at Dover and ... Read More »

EU hammers Amazon, Apple over taxes


  BRUSSELS: The EU turned the screw on US tech giants yesterday, ordering Amazon to repay Luxembourg 250 million euros in back taxes and taking Ireland to court for failing to collect billions from Apple. Europe’s competition chief Margrethe Vestager accused tiny Luxembourg of an illegal deal with internet shopping giant Amazon to pay less tax than other businesses. The ... Read More »

Belgium doubles its investment in humanitarian innovation


BELGIUM: Deputy Prime Minister and Minister for Development Cooperation Alexander De Croo announced in New York that Belgium will double its investment in humanitarian innovation next year. The Minister was speaking at New York University in front of a thousand-strong audience at Global Citizen Live!, a musical event with performances by Paul Simon and others. Alexander De Croo: “Humanitarian needs ... Read More »

Belgium stocks lower at close of trade; BEL 20 down 0.02%

Chinese stocks drop on growth concern as banks, developers fall

BRUSSELS: Belgium stocks were lower after the close on Tuesday, as losses in the Financials, Telecoms and Consumer Services sectors led shares lower. At the close in Brussels, the BEL 20 fell 0.02%. The best performers of the session on the BEL 20 were UCB (BR:UCB), which rose 2.09% or 1.20 points to trade at 58.58 at the close. Meanwhile, ... Read More »

Belgium’s Greenyard Q1 sales hit by British pound

BATH, ENGLAND - APRIL 04:  The new £1 pound coin is seen alongside US dollar bills and euro notes on April 4, 2017 in Bath, England.  Currency experts have warned that as the uncertainty surrounding Brexit continues, the value of the British pound, which has remained depressed against the US dollar and the euro since the UK voted to leave in the EU referendum, is likely to fluctuate.  (Photo by Matt Cardy/Getty Images)

BRUSSELS: Greenyard, the Belgium producer of fresh, frozen and prepared fruit and vegetables, saw first-quarter sales decrease as revenue was impacted by movements in exchange rates, mainly the British pound. The company said in a statement yesterday (29 August) that it booked sales of EUR1.1bn (US$1.3bn) in the three months through June, a 0.9% decline from a year earlier. Of ... Read More »

Belgium stocks lower at close of trade; BEL 20 down 0.31%

low growth rate

BRUSSELS: Belgium stocks were lower after the close on Friday, as losses in the Consumer Services, Utilities and Telecoms sectors led shares lower. At the close in Brussels, the BEL 20 fell 0.31%. The best performers of the session on the BEL 20 were Umicore NV (BR:UMI), which rose 2.48% or 1.54 points to trade at 63.53 at the close. ... Read More »

Belgium new European buyer of Iran’s petchem products

Iran Belgium

TEHRAN/BRUSSELS: Iran started exports of its petchem products to Belgium since the beginning of the present Iranian calendar year (started on March 21, 2017), local media reported on Monday. Quoting the Managing Director of Mahabad Petrochemical Complex (MAPC) Mohsen Majidi as saying, the report confirmed that as of the said time, MAPC has exported 90,000 tons of its products, worth ... Read More »

Belgium’s pig production drops to historic low


BRUSSELS: The number of pigs reared in Belgium dropped to 6.8 million last year, its lowest level in three decades, according to farm statistics from the Federal Public Service for Economy (SPF Economy).On the other hand, the number of chickens increased by 14%, reaching an all-time high. Investors are pumping more and more money into poultry and increasingly less into ... Read More »

Belgium lost over €221b to tax havens in 2016

tax haven

BRUSSELS: Belgian companies transferred more than 221 billion euros to offshore tax havens in 2016, Le Soir, an evening newspaper, reported on Monday, citing Belgium’s Federal Public Service – Finance department’s statistics on declarations of payments to banks in these countries. Under Belgian tax laws, all companies are obliged to declare such transactions when they send over 100,000 euros per ... Read More »

Biggest banks in Denmark face $15b Basel Capital Bill


COPENHAGEN: Denmark’s five biggest banks face as much as $15 billion in new capital requirements under proposed changes to global banking rules, according to an expert panel created by the government. Danske Bank A/S the country’s biggest financial group, and others will together see their capital requirements rise 27-39 percent, equivalent to 64-92 billion kroner ($15 billion), the panel said ... Read More »

Google’s Belgian unit in tax probe


BRUSSELS: Google’s Belgian unit faces a tax probe, a report said Wednesday, after the US internet giant had to cough up hundreds of millions of euros in back taxes in Britain and Italy. Many US and other multinational companies channel their European profits through low-tax jurisdictions such as Ireland to avoid massive bills running potentially into the billions. Le Soir ... Read More »

Belgian police arrest two unlicensed Bitcoin exchange operators


BRUSSELS: The Belgian police have arrested two Belgian brothers who are allegedly involved in a large-scale unlicensed Bitcoin exchange operation. The brothers’ team called Zhao Dong 1982 on LocalBitcoins had been collecting very high commissions for Bitcoin sale transactions. The police have reportedly seized a total of €400,000, including nearly €100,000 in cash that was discovered hidden behind a spare ... Read More »

ING Belgium’s profit falls to €335m

ING Bank Belgium logo

BRUSSELS: ING Belgium, which includes ING Luxembourg, had a pre-tax profit of €335 million in the second quarter, down from €512 million in the same period of 2016. Executives said on Wednesday the bank had to pay €177 million over a dispute involving its Luxembourg subsidiary that it lost in that country’s courts. They will appeal the verdict. The bank’s ... Read More »

Belgium economic growth slows in Q2

Red arrow - down - low - slow - falls - slips

BRUSSELS: Beligum’s economic growth slowed in the second quarter after improving in the first three months of the year, preliminary figures from the National Bank of Belgium showed. Gross domestic product grew 0.4 percent from the previous quarter, when the economy expanded 0.6 percent. In the final three months of 2016, the economy grew 0.6 percent. On a year-on-year basis, ... Read More »

Belgium, France advised to end tax exemptions for ports


BRUSSELS: The European Commission has told France and Belgium that they must abolish tax exemptions granted to their ports to comply with EU state aid rules. 28 Jul 2017 Profits by port operators must be taxed under normal national corporate tax laws to avoid distorting competition, the Commission said. Most French ports, including the 11 “grands ports maritimes” of Bordeaux, ... Read More »

Orange Belgium ARPU grows despite EU abolishing roaming

Orange Belgium

BRUSSELS: Belgian telecomunications group Orange Belgium on Wednesday reported a 3.5 percent increase in second-quarter blended average revenue per user (ARPU), despite the new roaming regulation from the European Union and declining SMS traffic. “This increase in ARPU is achieved thanks to a more favourable customer mix between postpaid and prepaid and a sustained increase of the postpaid ARPU,” the ... Read More »

EU agrees to allow in more Ukraine exports for 3 years


BRUSSELS: EU foreign ministers approved on Monday measures to allow Ukraine to export more industrial and agricultural products free of tariffs to the bloc in recognition of reforms undertaken by Kiev and the country’s fragile economy. By the end of September, Ukraine will be able to export greater tonnage of farm products, including grains, honey and processed tomatoes for three ... Read More »